John,Both parties have to be in agreement and should sign a legal well drafted document releasing the other, stipulating terms of the security deposit reimbursement.

I was sent a copy of the rent to own lease documents from the seller and it looks very vague.

Any such statement can be referred to as a “resolution”.NOTE that the document can be called a “resolution” or a “corporate resolution” because the word “corporation” or “corporate” is OFTEN used by accountants and attorneys to describe EITHER an actual corporation or an actual LLC.

Cash Reserves Required For Other Properties Owned by Investor; If the borrower has 1-4 mortgages, an additional two (2) months for every other SFR investment property and second home is required and additional six (6) months for every other 2-4 unit investment property and second homeIf the borrower has 5-10 mortgages, An additional six (6) months for every other investment property and second home.DELAYED FINANCING EXCEPTIONDelayed Financing ExceptionA cash-out refinance within six (6) months of a purchase transaction when no financing was obtained for the purchase transaction are allowed under the following parameters: The new loan amount is not more than the actual documented amount of the borrower’s initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV). 1.

Document everything including the texts you sent back and forth.

They changed it because I was not experience enough to managed 2-4units but they should have known that when they first initially quoted me and looked through my documents. 

The deed restriction language comes With the approval letter, as part of the documents the buyer must sign; the approval letter, arms length affidavits, etc.  

To be honest, I was more interested in using a property management company to take care of all the legal documents and rent collection (and evictions if things got ugly).

I paid Sense Financial for setup documentation, and there's an annual fee to remain compliant, but that's about it.

Cash Reserves Required For Other Properties Owned by Investor; If the borrower has 1-4 mortgages, an additional two (2) months for every other SFR investment property and second home is required and additional six (6) months for every other 2-4 unit investment property and second homeIf the borrower has 5-10 mortgages, An additional six (6) months for every other investment property and second home.DELAYED FINANCING EXCEPTIONDelayed Financing ExceptionA cash-out refinance within six (6) months of a purchase transaction when no financing was obtained for the purchase transaction are allowed under the following parameters: The new loan amount is not more than the actual documented amount of the borrower’s initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV). 1.